Getting a Bitcoin Wallet

Let's now get a Bitcoin wallet and become able to receive Bitcoin funds or donations.

Wallets

- One of the classical choices for a Bitcoin wallet is Electrum. - Go to https://electrum.org to download and install it, - or if you are a Linux user, it is probably included in your distribution's package repository. -

Mobile version?

- Note also that there are mobile/cell phone versions of Electrum for Android and iOS. - I generally advise against using a wallet on a cell phone for security reasons, but if you would like, you can. -

- If you are okay with a mobile wallet, - I recommend getting Cake Wallet, which can use Electrum-style Bitcoin wallets, - but also Monero and Litecoin. -

Generating a Wallet

Once you open Electrum (or Cake Wallet), - you can choose to create a new wallet. - Name it whatever you want and choose the "Standard Wallet" option. -

- I will also note that if you are paranoid, it is perfectly possible to generate a wallet without connection to the internet. -

Your Seed is your money.

- Now choose the "Create a new seed" option when creating the wallet. - That will randomly produce a "seed" of 12 words. -

- These words are your money. - Once you are shown them, immediately write them down on physical paper, and you will be storing this somewhere it will not be lost or found. - You can memorize these twelve words if you trust your memory. -

- These twelve words unlock all of the funds/addresses you will have on this wallet. - Whoever has your seed has the ability to spend your money. -

Note obviously that I have included a picture of a seed phrase above in this tutorial. - I or anyone else would be stupid to ever send Bitcoin to the following addresses since the seed phrases are now public. -

- Once you have written down your seed, click "Next" and Electrum will have you input that seed again to ensure you've written it down. -

- You will also be asked to supply a password. - This password merely encrypts your wallet file on this computer so you don't have to retype your seed phrase each time you open Electrum. - Note that anyone with your seed phrase can still obtain your funds. - This password is only protection on your computer here. -

Managing your Wallet

- Once your wallet is generated and opened you will be at the wallet page. - First, I recommend opening the "View" menu and unhiding all the different tabs. -

Addresses

The address tab contains all the many Bitcoin addresses generated by your seed phrase. - In fact, as you use these up, the wallet will automatically add more. -

- These addresses (which will all be generated with bc1 at the beginning) can be used by others to send you Bitcoins. - Someone can just copy-and-paste the address into their wallet to send you funds. -

Receive

Click on the "Receive" tab and then click "New Address." - That will pick your first unused address which will appear on the right side. - You could copy this from the "Addresses" tab, but this tab also generates a QR code which will appear to the right as well if you click on the "QR Code" subtab. -

What is the QR code for?

- In case you don't know, a QR code is a way of storing text information in a format that can be scanned by a phone. - If someone has a wallet program on a phone, they can easily scan the QR code on another screen to avoid having to copy your address over or even worse, write it manually. -

Let's receive donations on our website.

- Save the QR code and the wallet address it corresponds to (starting in bc1). - Now simply put these on your website and anyone can send Bitcoin to them. - Bitcoin users will know how to scan and use them. -